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Page last updated at 06:39 GMT, Tuesday, 2 August 2011 07:39 UK

US default risk 'remote'


An agreement has been made by politicians in the US to raise the country's deficit ceiling, but how has the bond market responded?

Andrew Balls, managing director of the London office of Pimco, the world's biggest bond fund, explains why "dysfunctional politics" have made fiscal challenges even more difficult in the US.

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